AE Terms

Question 1

What are the discount opportunities available to firms?

Answer 1

1. Higher upfront payment (50% upfront = 2.5% discount, 100% upfront = 5% discount)
2. Volume: Breaks at over 150 and up

Question 2

What happens when someone submits a basic 1040 but ends up sending in a K1 etc with the client information?

Answer 2

Gets pushed up to standard 1040 rate

Question 3

What schedules are included in the basic 1040s?

Answer 3

A, B, D, E (no rentals or K1s on E for basic tho)

Question 4

Which foreign form do we not charge an additional fee for if the reasoning for filing the form is driven by the client’s brokerage account?

Answer 4

Form 1116

Question 5

What do we at Taxfyle need/don’t do in order to do work papers? What type of entry’s can our pros handle?

Answer 5

We do not do any adjusting journal entries and new a clean trial balance. We do tax entries but do not do any book adjusting entries. For example we do depreciation and amortization

Question 6

Form 1040? Filing & Extension Date

Answer 6

Individual Tax Return - April 15, Extension Oct 15

Question 7

Form 1120S? Filing & Extension Date

Answer 7

S-Corp Tax Return - March 15

Question 8

Form 1065? Filing Date

Answer 8

Partnership Tax Return - March 15

Question 9

Form 1120?

Answer 9

C-Corp Tax Return

Question 10

Form 1041? Filing Date?

Answer 10

Trust and Estate, April 15

Question 11

Form 990?

Answer 11

Non Profit Return

Question 12

Why should firms be outsourcing

Answer 12

1. Lack of qualified employees - we can replace that staff or senior level preparer
2. Cost of accounting professionals - Training, benefits, raises, recruiting fees and typically leave the firm early
3. General decline in accountants
4. Tax compliance is becoming more and more a fixed fee

Question 13

What pushback can you give if they say they have interns?

Answer 13

1. Quality across the board is going down.
2. Were giving them higher quality at almost the same cost.

Question 14

What two forms do K1s spit out of? Which form do they flow into?

Answer 14

Spit out of 1120s and 1065 and flow through to 1040s.

Question 15

CCH Axcess Tax - Cloud or Desktop? Do we do Backup Files? Can we remote login?

Answer 15

Cloud Version. We will not do backup files. Can remote login.

Question 16

CCH ProSystems FX - Cloud or Desktop? Do we do Backup Files?

Answer 16

Desktop Version. We will not do backup files. Can remote login, but only through a virtual desktop.

Question 17

UltraTax CS - Cloud or Desktop? Do we do Backup Files?

Answer 17

Both Cloud & Desktop. could do backup files. Can remote login. Should ask how our pros will access their system.

Question 18

Lacerte - Cloud or Desktop? Do we do backup files?

Answer 18

Desktop. Can do backup files. Remote through virtual login.

Question 19

Intuit ProConnect - Cloud or Desktop? Do we do backup files?

Answer 19

Cloud based. No backup files.

Question 20

Do our pros handle crypto currency? If so, which schedule is it on and where does it fit into pricing?

Answer 20

Yes, Schedule D and it is included in the base price option.

Question 21

What type of background check do our pros go through?

Answer 21

Criminal Background check, not financial

Question 22

What is our pro retention rate?

Answer 22

93%

Question 23

Can our pros interact directly with a firm’s clients and if so how many returns does a firm have to do to qualify for the service?

Answer 23

Yes but we require at least 500 returns committed per year.

Question 24

What happens after a contract is signed? What is the next step for the firm and Taxfyle

Answer 24

1. Kickoff Call: with sales, CS team and firm
2. Pro Expectations Call: A call where we introduce the firm to the pros to set expectations and see if they are a good fit.